If you have any interest to buy UMI (UMI), you will be required to have either Bitcoin abbreviated as (BTC) or Ethereum (ETH) for trading purposes. I have reviewed the major cryptocurrency exchange Binance in this post to help you determine the best sites to buy cryptocurrency using a credit card or bank account. Take a read and get tips on the best cryptocurrency trading.
Step 1: How to create a Binance account:
1.1 Visit Binance’s Website (https://www.binance.com/en)
There have been several phishing cases reported over the past years that are imitations to the original site, it is essential to scrutinize the URL to the website keenly. First, be on the lookout for the ‘Secure’ certificate that should pop up in your address bar and that acts as a confirmation of the site’s genuineness. Second, to be extra safe while trading on the platform, ensure to bookmark the authentic site to evade any confusion in future searches.
1.2 Fill in your trading details
You have to fill in your details by going to the ‘’Register” tab found in the right-hand corner of the website’s page and fill in your trading details. For instance, you will need to fill in your mobile number or you choose to use your email address. For the email address, it is necessary to use your main email that you can access easily and the most secure one since you will need it to sign in to your Binance account always.
You also need to choose a strong password for your email; a strong password should comprise a mix of numbers, symbols, upper and lower-case letters. You will receive a 6-digit code via the email you provided as your account’s verification code and for completing the registration process.
1.3 Allow 2FA-Two-factor authentication (Optional)
To make your account more secure you need to allow use of a two-factor authentication after your first log in. Trust me; it is vital to set up the 2FA because it makes your account more secure from any hacking activity!
Every time you log in with the two-factor authentication, you will need to provide a unique code once your type in your email and password. To get your unique code, use the Google authenticator app downloaded into your smartphone.
Step 2: Buying your first Bitcoin (BTC)
To send money to your Crypto wallet account on Binance either directly via your bank account through SWIFT money transfer or you can opt to use your debit/credit card. For this part, I will guide you on how to use your credit card.
Binance previously didn’t allow the use of credit or debit cards on its platform, but the same has been introduced. Binance partnered with Simplex to allow its users to use their credit and debit cards to buy Bitcoin or Ethereum. This has led to faster Crypto transaction speeds, low transaction charges, and more transaction flexibility.
I highly recommend buying Bitcoin first and then trading it for the right amount of UMI (UMI).
It is easy to purchase Bitcoins via your credit card but I will elaborate on best ways you can do it step-by-step to make sure you understand all the trading nitty-gritty.
- Move your mouse’s cursor to ‘Buy Crypto’ tab found on the top bar and activate the dropdown menu. Then choose the currency, For instance, US Dollars, and click the ‘Credit/Debit Card’ to lead you to the next step.
- You be led to the next page; in this page you will see options to choose the desired Bitcoin (Select BTC), and the amount you need to spend to buy your choice Bitcoin amount. The total amount you need to spend will be displayed according to the Bitcoin amount you request and the matching market price at that time (inclusive of all fees). However, you can choose to first set the total charge then the system will automatically calculate the order amount for you.
- Fill in your credit card details and personal information too. Once done, you need to click “Pay now” and give it a moment to verify your details.
- You will be required to verify your email and phone number if it happens to be your first simplex payment via a code send through your email or an SMS. Complete the verification process by opening the link in your email and type in the code you receive via SMS. Once you do all the above, you can click “Continue”.
- Verification of identity follows next via the use of an official document. Basically upload your identification document photo accompanied by your personal details and click the “Upload Document” tab.
Lastly, your personal document will be approved once verified by the system and an email send to show the confirmation of order purchase. Subsequently, your Binance account is credited with the purchased BTC or Ethereum.
Step 3: Transferring Your Cryptos to an Altcoin Exchange Huobi
Now let me show you how to UMI (UMI) using your investment from Binance.
But not every crypto can be traded in Binance we need to transfer our coins to an exchange that UMI (UMI) can be traded.
I will show you how to use Huobi which is a famous exchange to trade altcoins. We will use the link below to register your new account.
Once you have completed similar processes as you have done before with Binance you are ready to transfer our Bitcoins.
Step 4: Depositing BTC to Exchange
After you have created your trading account setup at one of the exchanges that trades UMI (UMI), you will need to transfer your BTC from Binance to that specific exchange.
Usually done through a wallet system. to huobi deposit move your mouse over to “Balances” on the top right and click “Exchange Account”. Look for “BTC” from Token section and copy the given “Deposit Address”
To do this part may be a little difficult but don’t worry, it is easier than a bank transfer. Then copy your unique BTC wallet address and go back to Binance.
Then move your cursor to “Wallet” on the right hand side of the topbar and once the popup shows up, click on “Fiat and Spot (Deposit & Withdrawal)”. Look for BTC in the list and click on “Withdraw” on the right hand side.
You have to paste the deposit address you just copied from the other exchange and select BTC as the transfer network. Type down the amount that you want to withdraw (you may click the Max button if you want to withdraw all).
Next, click on the Submit button to begin with the withdrawal process. To proceed with the withdrawal, Binance may ask you for your 2FA code and also you will have to confirm the withdrawal with an e-mail.
That’s all, now you should wait for a while so that the blockchain to confirm your transaction.
Step 5: Trade UMI (UMI)
Now you have to go back to Huobi to buy UMI (UMI) with the Bitcoins you sent.
Move your mouse over “Spot Trading” and click “Exchange” then you will see trading menu. Look for huobi trade in the left column make sure to select “BTC” pair and in the search bar type in “UMI”.
After you move your coin click on it and now you will see a price chart of UMI/BTC in the middle of the page. Select the “Market” tab as that is the Easiest way of buying orders.
Also, you can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons.
Once you have confirmed everything, click “Buy UMI”. Now you own your UMI!
Other Exchanges to Buy Cryptos
The following are other sites you can buy from these exchanges:
HotBit (Which permits US investors)
MXC (This exchange allows US investors)
On top of the above-listed exchanges, there are some more common crypto exchanges where daily trading volumes and a huge user base is available. This helps to ensure that you can sell your coins any time you want and the charges for the trading are not high. It is recommended that you should also register on these exchanges because whenever UMI gets listed there it give the traders who have already registered a large amount of trading volumes, that means you will be provided with some great trading opportunities!
Final Step: How to Store UMI securely in hardware wallets
1. Ledger Nano S
- Easy to set up and has a friendly trading interface.
- Allows use on desktops and laptops
- Lightweight and Portable too
- Has been designed to Support most blockchains and a wide range of (ERC-20) tokens
- Has many trading languages.
- Designed by a well-established company found in 2014 with great chip security
- It is not expensive but can be acquired at affordable price
2. Ledger Nano X
- It made with a more advanced and secure element chip (ST33) than Ledger Nano S
- Has an easy design that allows the use on desktop or laptop, or even smartphone and tablet through Bluetooth connection.
- Also Lightweight and Portable and has a built-in rechargeable battery
- Has a Larger screen
- Comes with more storage space compared toLedger Nano S
- It supports most blockchains and wide range of (ERC-20) tokens
- Provides several languages for every customer
- It was designed by a famous company found in 2014 with great chip security
- Can be obtained at an affordable price
If you still have plans to stay at hodl” as some people call it, basically misspelt “hold” (which become famous as time passes) your UMI for some long time, you need to find ways to ensure it stays safe safe,
However Binance is the most safe cryptocurrency exchange, in the past few years there have been hacking incidents and funds were lost. Because of the design of the wallets in exchanges, they will be accessible always via the internet (“Hot Wallets” as they are called), therefore exposing certain aspects of weaknesses.
Thus safeguard your cryptos by putting them in “Cold Wallets”, where the wallet will only have access to the blockchain(or simply “go online”) when you send out funds,. This reduces the chances of being hacked. For example, use a paper wallet which is a type of free cold wallet. It can also be defined as an offline-produced pair of public and private address and that you write on a paper for keeping safely with you. But, it is not permanent and may be faced by certain risk.
Thus, Hardware wallet is therefore the best compared to cold wallets. Since they are usually USB-enabled devices that can hold the key information of your wallet in the safest manner. Also they are designed using military-level security and their firmware’s are continuously upgraded by their manufacturers and this makes them extra safe to use. For example, Ledger Nano S and Ledger Nano X and are most common hardware wallets, you can buy one at $50 to $100 depending on the specifications they have. I highly recommend these for holding your assets because these wallets are a worthy every penny according to my experience and opinion.
Frequently Asked Questions
Is it possible to buy UMI with cash?
The answer is No. Because there is no way you can directly buy UMI with cash. But, using marketplaces such as LocalBitcoins to first buy Bitcoin, and completethe rest of the steps by transferring your bitcoin to respective AltCoin exchanges.
How do I Buy Bitcoin from local sellers?
You can go to LocalBitcoins that is a peer-to-peer Bitcoin exchange. It is more of a marketplace where users can buy and sell Bitcoins to and from each other. Users, known as traders, make advertisements to show their price and the payment method they want used. Then buyers buy from the traders to buy from sellers in a particular nearby region on the platform. LocalBitcoins is after all a good place to go to buy Bitcoins when it is impossible for you to find your favorite payment methods somewhere else. The site’s prices are high and you have you have to be extra careful to avoid conmen.
What are the quickest ways I can buy UMI while living in Europe?
While in Europe you have the advantage of buying cryptos in an easy and quick way. Because Europe has even online banks which help buyers to simply open an account and transfer money to exchanges such as Coinbase and Coinmama. Such banks which are common as online banks in Europe are Bunq, N26 and Revolut.
Can I use alternative platforms to purchase UMI or Bitcoin with credit cards?
Yes you can, you just need to visit Changelly which an easy to trade in site especially when it comes to buying Bitcoin with credit cards. It provides an automatic cryptocurrency exchange that gives a buyer the opportunity to exchange crypto fast and buy them using credit card. It has been designed to allow users to have easy crypto buying since it has a simple user interface and provides instructions that are easy to follow too.
What is UMI?
UMI is a decentralized payment blockchain network with an open source code. It allows you to make almost instant and absolutely free transactions around the world. The UMI cryptocurrency is used as a unit of accounting within the network.
UMI is a fully featured blockchain platform developed from scratch that supports the creation and execution of smart contracts. The UMI blockchain is built on the unique Proof-of-Authority (PoA) consensus algorithm where master nodes and validator nodes are responsible for network performance.
UMI is a unique cryptocurrency issued via staking based on a smart contract. Thanks to this innovative approach, network participants can unite in structures and generate new coins at a rate of up to 40% per month, simply by holding them in their wallets.
How does UMI work?
The UMI blockchain is public meaning that all transactions are transparent, cannot be forged or canceled. Moreover, the UMI network code is published on GitLab and is available for audit.
UMI code on GitLab — https://gitlab.com/umitop/umi-master.
Bitcoin and the vast majority of other cryptocurrency blockchains use the Proof-of-Work (PoW), Proof-of-Stake (PoS) consensus algorithms or their derivatives (for example, Delegated Proof-of-Stake, DPoS). This approach significantly limits their throughput and creates commission costs.
UMI chose a completely different path. The heart of the network is the innovative Proof-of-Authority (PoA) technology. It ensures almost instant transactions and safe operation of the network without commission costs.
The UMI cryptocurrency bypasses the main problems inherent in the PoW and PoS algorithms:
Master nodes are responsible for generating new blocks. They are “master” nodes because special ultra-high requirements are applied to them in terms of network speed and bandwidth.
Validator nodes support the network checking the blocks for correctness and ruling out forgery. A validator node can be launched by any UMI user, thereby making the network even more decentralized, secure and reliable.
Besides, any network participant has the opportunity to launch a light node that allows you to view and send transactions without downloading the entire blockchain history.
Use of master nodes allows us to significantly increase the bandwidth of the UMI network and, accordingly, the speed of transfers in it.
No one has the opportunity to connect to the master nodes and somehow influence their work because they work anonymously and their location is unknown to anyone. At the same time, the master nodes are distributed throughout the planet to ensure maximum decentralization and avoid the creation of a single point of failure. An attempt to create a block by another node is automatically rejected by the network. This ensures maximum security, protecting UMI from any kind of attacks.
Thus, PoA completely eliminates the possibility of fraud and hacking. This ensures that users ‘ coins will always be safe.
What makes UMI unique?
The initial PoA model does not imply either forging or mining since users are prohibited from creating new blocks for security reasons. On the one hand, this is a good thing — there is no need to purchase powerful and expensive equipment and install special software. On the other hand, users cannot be encouraged to maintain network performance which is a significant drawback. Thus, there is no mining or its alternatives in other cryptocurrencies using PoA, but there is in UMI.
The UMI network uses an improved version of this technology which relies on its advantages while also eliminating its drawbacks. Mining and forging has been replaced by an innovative staking technology based on a smart contract and used to reward users.
The unique Proof-of-Authority model with smart contract staking not only ensures maximum security of the UMI network, but also implies generous rewards for users.
Almost instant transactions without commissions. Bandwidth of the UMI network is up to 65,536 transactions per second. This is several thousand times more than Bitcoin. This is more than VISA or Mastercard.
Safety and reliability. UMI is a fully decentralized blockchain network protected from hacks, leaks, unauthorized changes, 51% attacks, Nothing-at-Stake, third-party interference, DDoS attacks (spam transactions) and other vulnerabilities. A user who has a mnemonic phrase fully owns their coins.
Support for smart contracts. UMI is a fully featured blockchain platform that allows you to create and execute smart contracts of any complexity.
Staking based on a smart contract at a rate of up to 40% per month. Each UMI user can either create their own staking structure, or join an existing one and multiply their coins at a rate of up to 40% per month. At the same time, UMI coins are not locked for staking, and only the user always has access to them. The reward for staking is awarded every second in the 24/7/365 mode.
The leading crypto-media wrote more about UMI advantages, including:
CryptoPotato — https://cryptopotato.com/umi-blockchain-ecosystem-of-instant-visa-like-payments-with-zero-fees/
Bitcoinist — https://bitcoinist.com/umi-blockchain-ecosystem-instant-transfers-smart-contracts-and-profitable-staking/
NewsBTC — https://www.newsbtc.com/press-releases/umi-blockchain-ecosystem-instant-transfers-smart-contracts-and-profitable-staking/
Bitnovosti — https://bitnovosti.com/2020/10/30/blokchejn-ekosistema-umi-mgnovennye-perevody-mnogofunktsionalnye-smart-kontrakty-vygodnyj-stejking/
DeCenter — https://decenter.org/ru/blokchein-ekosistema-umi
Who created UMI?
UMI was created by an anonymous and completely independent development team at its own expense. As was the case with Bitcoin, the creators of UMI are anonymous. This is done for the network to be as decentralized as possible. There is no single entity that someone could influence and thus harm the UMI network.
Ongoing development and future plans
At the moment, UMI is actively entering the DeFi market. The coin was tokenized in four popular blockchains — Ethereum, Binance Smart Chain, Polygon and TRON, and also added to popular decentralized exchanges:
Uniswap (Ethereum) — https://app.uniswap.org/#/swap?outputCurrency=0x46943113ae84e732bb510b5f7686d8b76ff56774
PancakeSwap (Binance Smart Chain) — https://exchange.pancakeswap.finance/#/swap?outputCurrency=0x46943113ae84e732bb510b5f7686d8b76ff56774
QuickSwap (Polygon) — https://quickswap.exchange/#/swap?outputCurrency=0x10Adf16a60F0020477c70473D6EA595D9bc29372
JustSwap (TRON) — https://justswap.io/#/home?tokenAddress=TDH9sTjrxgrL8oogwMYw4Lq8UK25pTfp3d&type=swap